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June Real Estate Forecast shows Summer is here, with high inventory and sales

It’s the time of year that the real estate market in Central Oregon really takes off. Buyers and sellers alike should pay attention to the real estate market, to learn how it could affect real estate decisions, both listing and buying.

Higher Inventory

Over the past couple of months there has been a slight increase in the number of active listings, until June. In June the number of listings soared to 442 from 337 in May. This is expected, as the late spring and early summer months is the time when the real estate market really takes off in Central Oregon.

As the summer is the most active time for real estate activity, we do expect to see this trend continue throughout the summer, along with more sold listings and pending sales.

Consistent Pending Sales

If there’s ever a drop in the number of pending sales, it typically means that buyers are getting more cautious and are analyzing pricing more before purchasing. But given the consistent pending sales from May to June, buyers are loving the number of available listings, and sales haven’t slowed down.

More Sold Listings

While the number of sold listings stayed consistent in April and May, the number has climbed to 246 in June. This indicates that Summer is here, and the time to buy is now. With plenty of available listings on the market, there’s a home for everyone’s taste.

Typically, when there’s a wide inventory of properties, sellers have to consider more competitive pricing. When buyers are looking for the perfect home, they might be able to find similar homes at completely different price points. So as a seller, it’s time to talk to your Bend real estate broker, and make sure you’re priced competitively. Check out recent comparable sales in your neighborhood, and be sure that your pricing is where it should be. If your home is priced competitively, you’re more likely to get the right offer for your home

Find the perfect home with Duke Warner

Spring and Summer is the most active time of the year for real estate in Central Oregon. If you’re looking for a new property, or want to get something listed, Duke Warner Realty is ready to help. Visit us today at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

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What Market Trends mean for Buyers and Sellers

We’ve all heard about real estate market trends, but do you know how they directly impact you? Whether you’re buying or selling, trends will affect you differently. Learn about a few of the predicted trends of 2017 and how to navigate them.

Selling Quickly

Buying a home is getting faster. The average home stayed on the market for around 50 days in 2016, and we expect that it won’t get any slower here in Central Oregon. If you’re looking to sell your home, it’s better if you’re prepared to make a quick move. Years ago, you could put a house on the market and sit for months waiting for an offer. Now, if you’re listing a property, you should be ready to accept an offer and make a quick move. On the flip side, if you’re looking for homes, it’s best if you’re prepared to make a quick offer. In today’s market, you must be ready to move on a property or lose it.

First Time Homebuyers

This year has been predicted to be the year of the millennial. And with that comes more first-time homebuyers, and buyers that are younger. With the large mass of younger buyers, competition for properties might get stronger. Affordable starter homes will be a hot commodity, and will go pretty fast once listed.

Mortgage Rates

Mortgage rates can fall and rise, and they’ve been rising in 2017. When rates rise, it tends to mean that loans are more expensive. This can lead to a lower housing demand, which then turns around and raises homeownership.

Home Prices Rise

Home prices are expected to grow slowly as the year progresses. Price growth is great for current homeowners and investors, as their properties tend to increase in value. In some real estate markets, some home prices might expect to see a decrease in pricing, but only in higher level markets.

2017 Market

Just as predicted these factors are impacting the Central Oregon Real Estate Market. We can expect to see lower numbers of listings, as well as affordability issues caused by competitive buyers and offers. The current market benefits sellers as there are few listings, which drives higher pricing. However the market swings, it benefits someone, whether it’s a seller, or a first-time homebuyer. The good news is, the market is constantly changing.

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May Real Estate Forecast shows first time homebuyers driving pricing

Pricing in the Central Oregon real estate market is reaching record numbers, numbers we haven’t seen since the crash of the market. Pricing is growing each month, and several people are curious if we’re entering another housing bubble.

Housing bubbles are typically reached with faulty lending and speculation in the real estate market, amongst other things. The reason we know we’re not entering a bubble, is that the housing prices in Central Oregon are being driven up by sheer demand and competitive pricing.

First Time Homebuyers

With a high number of first time homebuyers, consisting of mostly millennials, affordable starter homes are selling quickly. Because we’re still experiencing a seller’s market, there aren’t as many available properties on the market, so when starter homes do become available, multiple offers are often received.

Given the low inventory, sellers are able to list their properties for higher prices. The market has sped up because of this. The time that properties are sitting on the market is decreasing. With offers being made quickly- properties are moving very fast.

Bend is a desirable place to live. Last summer we experienced lower than 1 percent vacancy in rental units, and our housing market is experiencing something similar to this at the moment. Typically, properties stay listed for a few months before a serious offer is made. This time has drastically decreased. The number of available properties has stayed consistent from spring, only growing from 308 in April to 337 in May and 442 as of June 1st.

Lower interest rates

While pricing may be high, interest rates on mortgages are at low. Average interest rates for a 30-year mortgages have dropped to 3.95 percent, which is an all-time calendar low. So even though pricing may be high, buyers are still feeling confident in the lower mortgage rates available, and offers are still being made.

National Real Estate Forecast

Nationally there has been a predicted rise in home prices of up to 4.9 percent. This figure doesn’t represent towns that are growing as rapidly as Bend. There’s a possibility that prices may increase in Bend, even more than the national average predicts.

If you’re looking to list a property in Central Oregon, or need help making a competitive offer, Duke Warner Realty is ready to help. Visit us today at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

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April Real Estate Forecast shows increased sales and consistent inventory numbers

The month of April showed some market trends that we expect to continue into summer in the Central Oregon Real Estate Market. The number of new listings is on the rise, and sales have climbed steadily since February.

New Listings

The number of new listings has grown a total of 8 percent from the previous month, which is expected during this time of year. New listings popping onto the market seems to be a trend in the spring time, as sellers are ready to take the necessary steps to sell their home. It’s a great time of year to get your home listed as plenty of buyers are ready to start making serious offers at the beginning of the warmer season.

Sold Properties

The total number of active listings has grown since February, ending the month with 389 active listings on May 1. Sales are increasing as well. The number of sold properties has grown consistently from 128 in February, to 171 in March and ending most recently with 220 in April.

Buyers aren’t slowing down, even with slightly lower inventory numbers. With fewer properties to look at buyers are ready to make offers when they find the right property, rather than wait around and weigh options. The number of sold homes increased by 28 percent from last month, showing that it’s still a strong market for selling your home, with lots of interested buyers.

The number of pending sales dropped 17 percent from March. The higher number of pending sales at the end of March contributed to a healthy number of completed sales in April.

Competitive Pricing

Typically, as inventory falls, home prices can tend to rise, as seller’s have little competition. The pricing in the Central Oregon Real Estate Market is back to pre-recession figures. With the high demand for housing in Central Oregon, we don’t predict that pricing will decline soon.

While pricing is at a record high, it is important to price your property competitively. If a property remains on the market too long because it is overpriced, it may start to get overlooked in a potential buyer’s home search. Price reductions in the Central Oregon Real Estate Market saw a 38 percent increase over the previous month.

Take Away

If you’re looking for help with finding the perfect home or listing a new property in Central Oregon, Duke Warner Realty is ready to help. Get in touch with us today at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.

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March Real Estate Forecast shows a continued Seller’s Market

The month of March was another active month in the Central Oregon real estate market, following busy late winter months. The number of active listings fell just slightly, but the number of pending sales and sold listings have continued to climb. The Central Oregon real estate market is still strong, with a promising spring coming up, we expect to see more listings, sales and pending sales.

Pending Listings at a high

March was a busy month, as evidenced by a very high number of pending listings. In prior months, pending listings haven’t broken 200. March came in as the highest number of pending listings with 273 since July 2016, which ended with 276 pending sales. This likely promises an active April with a higher number of completed sales. Both January and February finished with high pending listing numbers, which resulted in climbing numbers of completed sales in February and March.

Number of sold properties

March finished with 171 sold properties, jumping from 128 in the month of February. The number of pending sales from February contributed to a higher number of finalized sales in March. The high number of sold properties is evidence of a continued seller’s market from prior months in the Central Oregon area.

March finished with a higher median sales price than prior months and years. The median sales price grew to $395,000, which is the highest it’s been since May 2007, when it topped out at $396,250. Typically, March sets the base pricing standard for the remainder of the summer season and real estate year. In most markets the highest median sales prices are seen in the fall, around September or August. So we can expect to see sales pricing grow throughout the remaining spring and summer months.

Continued Seller’s Market

The number of active listings has continued to drop slightly since last summer, solidifying the seller’s market in Central Oregon. With a more limited number of available properties, it benefits the seller to be able to sell more easily. Another factor that comes with a limited number of properties, is more completed sales, with buyers finding what they’re looking for and making offers immediately sometimes above asking price.

Final Analysis

Pricing in Central Oregon has continued to rise for the last five years, as Central Oregon is still a highly-desired place to live, work and play. With a low inventory of available homes, now is a great time to sell or buy. Get your property listed before the summer real estate boom hits.

If you need help buying or selling real estate, we would love to help you. Visit us at dukewarner.com, browse our Facebook page, or call us at (541) 382-8262.